1. Summary Information

		Country	India
Company Name	ADISHWAR INDIA LIMITED	Principal Name 1	Mr. Paras Jain
Status	Satisfactory	Principal Name 2	Mr. Girish Amritlal Chouhan
		Registration #	08-21681
Street Address	#146, 11^th ‘C’ Cross, 1^st Main, 2^nd Stage, West of Chord Road, Bangalore – 560086, Karnataka, India
Established Date	21.01.1997	SIC Code	--
Telephone#	91-80-23594311 / 12 / 13	Business Style 1	Manufacturer
Fax #	91-80-23594310	Business Style 2	Exporter
Homepage	www.adishwarindia.com	Product Name 1	Home Appliances
# of employees	100 (Approximately)	Product Name 2	Consumer Durables
Paid up capital	Rs.79,108,250/-	Product Name 3	Kitchen Appliances
Shareholders	Directors or relatives of directors(100%)	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	14 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	143,925,000	Current Liabilities	49,629,000
Inventories	360,193,000	Long-term Liabilities	324,595,000
Fixed Assets	150,020,000	Other Liabilities	5,654,000
Deferred Assets	000	Total Liabilities	379,878,000
Invest& other Assets	21,803,000	Retained Earnings	212,622,000
		Net Worth	296,065,000
Total Assets	675,943,000	Total Liab. & Equity	675,943,000
Total Assets (Previous Year)
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	1,818,634,000	Net Profit	36,613,000
Sales(Previous yr)	1,445,857,000	Net Profit(Prev.yr)	23,195,000

MIRA INFORM REPORT

Report Date :

11.10.2011

IDENTIFICATION DETAILS

Name :	ADISHWAR INDIA LIMITED
Formerly Known As :	ADISHWAR MARKETING LIMITED
Registered Office :	#146, 11^th ‘C’ Cross, 1^st Main, 2^nd Stage, West Of Chord Road, Bangalore – 560086, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.01.1997
Com. Reg. No.:	08-021681
Capital Investment / Paid-up Capital :	Rs.79.108 Millions
CIN No.: [Company Identification No.]	U51909KA1997PLC021681
TAN No.: [Tax Deduction & Collection Account No.]	BLRA05081G
PAN No.: [Permanent Account No.]	AABCA4663P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Consumer Durables.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 11800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered/Corporate Office/ Factory :	#146, 11^th ‘C’ Cross, 1^st Main, 2^nd Stage, West Of Chord Road, Bangalore – 560086, Karnataka, India
Tel. No.:	91-80-23594311/12/13
Fax No.:	91-80-23594310
E-Mail :	info@adishwarindia.com avenueroadbr@ingvysybank.com paras@bgl.vsnl.net.in geetha_mohanmurali@rediffmail.com
Website :	www.adishwarindia.com

DIRECTORS

As on 27.09.2010

Name :

Mr. Paras Jain

Designation :

Managing Director

Address :

No.146, 11^th C Cross, 1^st Main, 2^nd Stage, West of Chord Road, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

30.04.1969

Date of Appointment :

21.01.1997

DIN No.:

02063077

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909KA1997PLC021681	Adishwar India Limited	Managing director	1/04/2008	21/01/1997	-	Active	NO

Name :

Ms. Nirmal Kumar

Designation :

Whole- time director

Address :

No.11, Jolly Apartments, N. S. Iyengar Street, Sheshadripuram, Bangalore – 560020, Karnataka, India

Date of Birth/Age :

13.12.1974

Date of Appointment :

21.01.1997

DIN No.:

01635340

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909KA1997PLC021681	Adishwar India Limited	Whole-time director	1/04/2008	21/01/1997	-	Active	NO

Name :

Mr. Girish Amritlal Chouhan

Designation :

Director

Address :

No.66/2, 3^rd Main, 5^th Cross, Chamrajpet, Bangalore – 560018, Karnataka, India

Date of Birth/Age :

25.12.1976

Date of Appointment :

02.10.2006

DIN No. :

01461924

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909KA1997PLC021681	Adishwar India Limited	Director	8/08/2007	2/10/2006	-	Active	NO

Name :

Mr. Anil Dhirjlal Shah

Designation :

Director

Address :

No.305/16, I Floor, 66^th Cross, 5^th Block, Rajaji Nagar, Bangalore – 560010, Karnataka, India

Date of Birth/Age :

21.07.1960

Date of Appointment :

02.10.2006

DIN No. :

01461986

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909KA1997PLC021681	Adishwar India Limited	Director	8/08/2007	2/10/2006	-	Active	NO

Name :

Mr. Ravindra Kudpi

Designation :

Director

Address :

No.23, Akshara, 4^th Main, 4^th Cross, Gourava Nagar, J. P. Nagar, 7^th Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

08.01.1960

Date of Appointment :

02.10.2006

DIN No. :

01461953

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909KA1997PLC021681	Adishwar India Limited	Director	8/08/2007	2/10/2006	-	Active	NO
U72200KA2008PTC046111	QueryTech Systems India Private Limited	Director	17/04/2008	17/04/2008	-	Active	NO

Name :

Mr. Joit Kumar Jain

Designation :

Director

Address :

New Municipal Building, Flat No.12, 1^st Floor, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

05.01.1965

Date of Appointment :

01.10.2009

DIN No. :

01526858

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31200GA1992PLC002357	Cenzer Industries Limited	Managing director	4/05/2009	7/12/1992	-	Active	NO
U45400MH2002PTC136248	Cenzer Infrastructure Private Limited	Director	19/06/2002	19/06/2002	-	Active	NO
U31400MH2009PTC190705	Bistec Litech Industries Private Limited	Managing director	4/03/2009	4/03/2009	-	Active	NO
U51909KA1997PLC021681	Adishwar India Limited	Director	27/09/2010	1/10/2009	-	Active	NO
U33301DL2005PTC138855	J And J Watchelectro Mfg Private Limited	Additional director	7/12/2010	7/12/2010	20/12/2010	Active	NO

KEY EXECUTIVES

Name :	J Geetha Mani
Designation :	Secretary
Address :	No.6152, 6^th Block, Janapriya Bharath Enclave, Sunkadakatte, Vishwaneedam Post, Bangalore – 560091, Karnataka, India
Date of Birth/Age :	10.06.1974
Date of Appointment :	28.06.2007
PAN No. :	AHQPJ1848J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Paras Jain	1983925
Premraj Jain	740925
Nirmal Jain	1241125
Kanchan Devi	789500
Manju Devi	1295100
Bhoormal Tated	368000
Bhavari Devi	171250
Vimala Kumari	600000
Sajjan Solanki	472000
Surendra Jain	160000
Total	7821825

After 27.09.2010

Names of Allottees	No. of Shares
Nirmal Jain	46250
Kanchan Devi	8250
Premraj Jain	8375
Total	62875

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Consumer Durables.

Products :

· Watches

· Men’s Wear

· Women’s Wear

· Cook Wears

· Travel Luggage

· Electrical Items

· Home Appliances

· Kitchen Appliances

· Lifestyle Products

· Other Gadgets

Item Code	Product Description
CD 0001	Consumer durables
EG 0001	Electronic goods

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Cholamandalam Investment and Finance Company Limited, Dare House, No.2 N S C Bose Road, Parrys, Chennai – 600001, Tamil Nadu, India

· ICICI Bank

· Axis Bank

· ING Vysya Bank

· Reliance Capital Limited

· Magma Finance Corporation Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Long Term
ICICI Bank Limited	0.000	0.085
Reliance Capital Limited	0.794	1.660
Axis Bank	0.860	0.000
Magma Finance Corporation Limited	0.757	0.000
Short Term
ING Vysya Bank Overdraft Facility	259.834	204.912
Total	262.245	206.657
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Director Loan
Joit Kumar Jain	40.000	0.000
Inter Corporate Loan
Welcom Communication Private Limited	6.000	0.000
Other Trade Advances
Maina Bai	3.500	0.000
Neela J Thakder	0.750	0.000
Pushpam Enterprises	0.000	10.000
Rana	0.500	0.000
V Manish	2.500	0.000
V Namitha	2.500	5.000
V Rohit	4.100	0.000
V Vinay	2.500	0.000
Total	62.350	15.000

Financial Institution :	Reliance Capital Limited Magma Finance Corporation Limited
Banking Relations :	--
Auditors :
Name :	Kamlesh Bohra and Company Chartered Accountant
Address :	Mangal Prem Villa, No.8/2, Saraswathi Ammal Road, Marutiseva Nagar, Bengaluru – 560033, Karnataka, India
PAN.:	AAKPJ2587M

CAPITAL STRUCTURE

After 27.09.2010

Authorised Capital: Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.79.108 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7821825	Equity Shares (Of the above Shares 26675 shares are allotted during the year)	Rs.10/- each	Rs.78.218 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		78.218	77.951	77.952
2] Share Application Money		5.225	5.335	0.000
3] Reserves & Surplus		212.622	170.941	147.746
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		296.065	254.227	225.698
LOAN FUNDS
1] Secured Loans		262.245	206.657	180.829
2] Unsecured Loans		62.350	15.000	5.600
TOTAL BORROWING		324.595	221.657	186.429
DEFERRED TAX LIABILITIES		5.654	5.956	5.025
TOTAL		626.314	481.840	417.152
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		150.020	137.815	113.802
Capital work-in-progress		2.590	0.000	0.000
INVESTMENT		6.126	0.016	0.290
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	360.193	282.478	280.333
	Sundry Debtors	20.658	7.188	7.188
	Cash & Bank Balances	20.017	10.247	10.247
	Other Current Assets	87.364	55.689	57.299
	Loans and Advances	15.886	0.626	0.697
Total Current Assets		504.118	381.483	355.764
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.166	12.377	32.928
	Other Current Liabilities	36.934	21.946	15.098
	Provisions	6.529	4.009	5.141
Total Current Liabilities		49.629	38.332	53.167
Net Current Assets		454.489	343.151	302.597
MISCELLANEOUS EXPENSES		13.089	0.858	0.463
TOTAL		626.314	481.840	417.152

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1818.634	1445.857	1215.830
		Other Income	19.482	14.156	21.760
		Deferred Tax	0.302	0.000	0.000
		TOTAL (A)	1838.418	1460.013	1237.590
Less	EXPENSES
		Cost of Goods Sold	1284.615	1033.467	889.015
		General and Administrative Expenses	94.394	71.612	51.753
		Rates and Taxes	180.609	137.150	113.519
		Selling and Distribution Expenses	124.467	100.569	88.498
		Personnel Expenses	46.383	38.592	33.511
		Loss on sale of Assets	1.270	0.342	0.102
		TOTAL (B)	1731.738	1381.732	1176.398
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		106.680	78.281	61.192
Less	FINANCIAL EXPENSES (D)		34.577	30.179	20.756
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		72.103	48.102	40.436
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.357	11.460	8.952
	PROFIT BEFORE TAX (E-F) (G)		56.746	36.642	31.484
Less	TAX (H)		20.133	13.447	12.098
	PROFIT AFTER TAX (G-H) (I)		36.613	23.195	19.386
	Earnings Per Share (Rs.)		4.68	2.98	2.48

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.99	1.59	2.54
Net Profit Margin (PBT/Sales)	(%)	3.12	2.53	2.59
Return on Total Assets (PBT/Total Assets}	(%)	8.67	7.06	6.69
Return on Investment (ROI) (PBT/Networth)		0.19	0.14	0.14
Debt Equity Ratio (Total Liability/Networth)		1.26	1.02	1.06
Current Ratio (Current Asset/Current Liability)		10.16	9.95	6.70

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from 93/C, 1^st Main, 2^nd Stage, Industrial Suburb, Gorgunte Palya (Behind MEI), Yeshwanthpur, Bangalore, Karnataka, India to the present address w.e.f. 29.07.2009.

COMPANY PERFORMANCE

(a) Financial Performance:

During the year the Company has recorded sales of Rs. 1818.600 Millions as compared to Rs. 1445.800 Millions in previous year ending 31.03.2009. The Turnover of the Company grew by 25.78% over the previous Financial Year.

Net Profit after taxation of the company for the financial year is Rs. 36.600 Millions compared to the corresponding previous year was Rs.23.200 Millions. The Net Profit after the taxes has gone up by 57.86% over the previous Financial Year. The Company has transferred its entire profit to its reserves and Surplus.

(b) Branches/Sales Force:

During the year the Company has been expanding its operations by opening the branches within the state of Karnataka as well as neighboring State in Tamilnadu and Andhra Pradesh it has been expanding its sales force to meet its increasing demand for the products; during this Current Financial year the Company is invested upto Rs. 160.000 Millions for stock and other Assets and opened nine show rooms in Hyderabad and one more show room in Tamilnadu and Karnataka.

(c) Product Range:

The Company has been increasing its products range to meet the customers demand. It has opened exclusive show rooms for products like Samsung, LG, Sony and Sony etc. The main aim of the Company is, to be the leader in retail trading of Electronic/consurner goods segment in the years to come.

FORM 8

Corporation identity number or foreign company registrations number of the company	U51909KA1997PLC021681
Name of the company	ADISHWAR INDIA LIMITED
Address	#146, 11^th ‘C’ Cross, 1^st Main, 2^nd Stage, West Of Chord Road, Bangalore – 560086, Karnataka, India
This Form is for	Creation of charge
Type of Charges	Movable property (not being pledge)
Particular of the charge holder	HDFC Bank Limited, HDFC Bank, House Seanpati Bapat Marg, Lower Parel(West), Mumbai – 400013, Maharashtra, India Email Id : Ranjith.Fernando@hdfcbank.com
Nature or description of the instrument creating charge	Agreement Loan and Guarantee. Contracts No:19415290/19415420/19415463/19425492/19415511=Rs.0.275 Millions X6 counts = Rs.1.650 Millions
Date of the instrument creating charge	20.08.2011
Amount Secure by the charge	Rs.1.650 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest  Interest @13.52% p.a. Terms of repayment The Loan is repayable in 36 EMI’s of Rs.0.009 X 6 counts) Starting from 15^th September,2011 ending to 15^th August, 2014 Margin  As may stipulated by bank from time to time Extent and operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment described in Item No.15 as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and or such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank’s choice without reference to or without written intimation to the company
Short particulars of the Property charged	Hypothecation of 6NOs of Vehicle Namely : TATA ACE

As per Web Details

Profile

Adishwar Electro world are consumer durables and home appliances chain store which attempts to change with the way people buy the products in the organized retail landscape. The company commenced operations in 1997 as Adishwar India Limited.

Adishwar operates stores at Bangalore, Hyderabad, Chennai, Belgaum, Mangalore, Mysore, and Kolar. The chain will soon extend to many more cities across India.

Adishwar Electro world chain stores have redefined this space of product presentation and the way the customers are offered follow up services- since its inception in 2004,and to meet customer expectations.

Adishwar India limited commenced its operations successfully in 2007 in the direct marketing sphere. As a very successful and large direct marketing company the wealth of knowledge in customer centric operations helped in shaping Adishwar Electro world chain stores.

Adishwar simply offers meaningful and competent assistance to customers to choose products they wish to buy. Adishwar is the first to offer centralized delivery logistics which ensures maximum sensitive care to health of products. Adishwar believes in consistently validating the relevance of customer and customer centric operations 24 X 7.

Adishwar as a regional player has displayed amazing innovations in the services and customer offers bearing in mind the emerging and changing consumer lifestyles and demands. Adishwar has the best record in the market for trouble free maximum same day delivery, installation assistance and demo assistance. Adishwar pioneered practical technology assisted auto text messages to offer critical information assistance to ensure trouble free delivery assistance.

Adishwar backs the customer with legendary, efficient and prompt customer care supports at a call [call centre] or email.

Adishwar has the capability to cope with the changing landscape of customer needs as is demonstrated on daily basis.

Adishwar listens to the customers and users alike! Adishwar believes in simply transforming customer needs into service delivery.

The Adishwar eStore is nothing but an extension of its services in the same spirit, to extend services to the customers at the click of a key!

Adishwrestore is at their arms reach extending support s to the customer consistently.

Adishwar build trust and add value to life and lives through products and services!

FIXED ASSETS

· Vehicle

· Office Equipments

· Computers

· Furniture

· Buildings

· Land

· Software

· Commercial Rights

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.